Rodeo Ranch's agent Slim is authorized to write checks on Rodeo Ranch's account in Town Bank. Upper Range Corporation is a Rodeo Ranch supplier. Slim writes a check on Rodeo Ranch's account "pay to the order of Upper Range $[$signed$]$ Slim," indorses it in Upper Range's name, and deposits it in his own account in Verity Bank. If Verity Bank collects payment, the ultimate party most likely to suffer the loss is

no one.

Rodeo Ranch.

Town Bank.

Upper Range.